Developer Supertech Declared Bankrupt, 25,000 Home Buyers Likely to be Affected. Deets Here

Supertech Bankrupt : The move came in response to a petition filed by the Union Bank of India for non-payment of dues. Reacting to the order, the real estate company asserted that it will be approaching NCLAT in appeal against the order. 

New Delhi: In a move that could affect 25,000 homebuyers, National Company Law Tribunal (NCLT) on Friday declared Delhi-NCR based real estate developer Supertech ‘bankrupt’. The move came in response to a petition filed by the Union Bank of India for non-payment of dues. Reacting to the order, the real estate company asserted that it will be approaching NCLAT to challenge the order.

It also asserted that the order won’t affect the operations of any other Supertech Group Company. “In the interest of homebuyers, preference was given to construction and delivery of projects over repayment of bank dues which can be fulfilled after project completion. As all the projects of the Company are financially viable, there is no chance of loss to any party or financial creditor,” it said in a statement.

Furthermore, it stated that the NCLT order will not impact the construction at all ongoing projects or operation of the company, and “we are committed to giving delivery of units to allottees.

“We have a strong record of delivering more than 40000 Flats during the last 7 years and we shall continue to give delivery to our buyers under our “Mission Completion – 2022” under which we have undertaken a target of delivering 7000 Units by December 2022”, the company stated further.

Earlier on January 12, the Supreme Court had pulled up realty major Supertech Ltd for not complying with its orders to demolish the twin 40-story towers in Noida and warned that “its directors will be sent to jail for playing truant with the court”.

The apex court had also taken note of the deduction in payments to be made to the homebuyers as directed by it last year and asked the realty firm to put its “house in order” or “face serious consequences”.